GOLD Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- Resistance Levels: Immediate resistance at $2,676.29, with further targets at $2,692.86 and $2,707.37.

- Support Zones: Key support at $2,639.26, followed by $2,621.73 and $2,605.08.

- Technical Indicators: RSI at 64 suggests limited upside; 50 EMA at $2,627.19 signals short-term bearish bias.

Gold (XAU/USD) is trading at $2,654.42, down 0.15%, reflecting mild bearish pressure as it consolidates below the pivot point at $2,663.01.

The 4-hour chart suggests a cautious outlook, with immediate resistance positioned at $2,676.29, followed by $2,692.86 and $2,707.37.

On the downside, key support levels are found at $2,639.26, $2,621.73, and $2,605.08, acting as critical safety nets for potential pullbacks.

The 50-day Exponential Moving Average (EMA) at $2,627.19 reinforces the bearish sentiment as Gold trades above this level but struggles to maintain upward momentum.

The Relative Strength Index (RSI) at 64 signals moderate bullish bias but warns of nearing overbought territory, limiting aggressive buying activity.

A sustained move below the pivot point at $2,663.01 could invite selling pressure, targeting the immediate support at $2,639.26.

Conversely, a break above $2,676.29 may shift sentiment towards bullishness, potentially aiming for $2,692.86.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2663

Take Profit – 2638

Stop Loss – 2676

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$2500/ -$1300

Profit & Loss Per Mini Lot = +$250/ -$130